For kicks, I took the iphone on a 13 mile ride today using iMapMyRide.
It was very accurate relative to the Garmin.
It used 60% of the phone's battery life in 13 miles.
The "Locator" services are apparently real power hogs. Plus I was in a 3G area which uses more power.
Finally, it was in my jacket pocket, so it didn't help much on gauging speed, etc.
I'll only use it as a backup to the Garmin on those rare times where I forget to charge it up...
If you don't grow where you're planted, you'll never BLOOM - Will Rogers